By Cristal Cody
Eureka Springs, Ark., May 3 – PGIM Ltd. priced €412.9 million of notes due July 15, 2030 in the Dryden 44 Euro CLO 2015 BV transaction, according to a market source.
The CLO sold €232.4 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Euribor plus 145 basis points and €12.3 million of 1.66% class A-2 senior secured fixed-rate notes (Aaa/AAA/).
The CLO priced €36 million of class B-1 senior secured floating-rate notes (Aa2/AA/) at Euribor plus 215 bps and €7.2 million of 2.52% class B-2 senior secured fixed-rate notes (Aa2/AA/).
Dryden 44 Euro CLO also sold €23 million of class C mezzanine secured deferrable floating-rate notes (A2/A/) at Euribor plus 320 bps; €18.7 million of class D mezzanine secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 430 bps; €28.1 million of class E mezzanine secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 650 bps; €11.8 million of class F mezzanine secured deferrable floating-rate notes (B2/B-/) at Euribor plus 855 bps and €43.4 million of subordinated notes.
J.P. Morgan Securities plc arranged the deal.
PGIM will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed mainly by euro-denominated senior secured loans and bonds.
The London-based firm is an affiliate of Prudential Financial, Inc.
| Issuer: | Dryden 44 Euro CLO 2015 BV
|
| Amount: | €412.9 million
|
| Maturity: | July 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | PGIM Ltd.
|
| Call feature: | Two years
|
| Pricing date: | April 29
|
| Settlement date: | June 22
|
|
|
| Class A-1 notes
|
| Amount: | €232.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €12.3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.66%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €7.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.52%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €23 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €18.7 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 430 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €28.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €11.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 855 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €43.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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